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Published: Wednesday, 12/28/2011

GE Capital to buy MetLife banking unit


NORWALK, Conn. — MetLife Inc. said Tuesday it plans to sell its U.S. retail deposit business to GE Capital.

Financial terms were not disclosed. MetLife, which offers insurance and employee benefit programs, said in July it was exploring the sale of its banking operations.

GE Capital’s banking business, GE Capital Financial, will acquire $7.5 billion in deposits. About $3 billion in other deposits are not part of the deal but will be transferred out of MetLife Bank within six months. It has not been determined where the $3 billion will be transferred, a company spokesman said.

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